Dear Trader…
A rise in auto and consumer stocks, tracking
their Asian and European peers higher on hopes of a China stimulus package also
helped the 30-share S&P BSE benchmark Sensex climb 274 points or 0.42% to
settle at 65,618. The broader NSE Nifty surged 92 points or 0.47% to end at 19,500.
Eight of the 13 major sectoral indices logged
gains, with auto and fast moving consumer goods (FMCG) indices adding over 1.2%
each after several brokerages, including HSBC, Citi and Jefferies, reiterated
their bullish outlook on earnings growth in the sectors.
Among the Sensex stocks, Sun Pharma, Maruti, Tata
Motors, ITC, Nestle, Infosys, and L&T closed higher, while Bajaj Finance,
Axis Bank, HCL Tech, SBI, HDFC and Bajaj Finserv closed lower.
Sector-wise, Nifty Auto rose 1.39%, and Nifty
FMCG surged 1.23%. Whereas banks, financial, and metal closed lower. In the
broader market, Nifty Midcap100 advanced 0.88%, and Smallcap100 gained 1.26%.
Meanwhile, the market cap of all listed companies
on BSE increased by Rs 1.91 lakh crore to Rs 301.32 lakh crore. The market
breadth was skewed in favour of the bulls. About 1,938 stocks gained, 1,543
declined, and 120 remained unchanged on the BSE.
Global Markets –
Global shares rose on Tuesday ahead of US
inflation data that could support a quicker end to Federal Reserve rate hikes,
while the prospect of China propping up economic growth helped lift commodities
like oil and copper.
China’s Shanghai Composite ended 0.55% higher,
and Hong Kong’s Hang Seng closed 0.97% higher. The STOXX 600 rose 0.35% in
early trading. While US stock index futures rose 0.1-0.2%, suggesting a modest
rise at the opening bell.
US inflation data – Markets are awaiting US inflation data on Wednesday to see if
price pressures are continuing to moderate, which could provide clues on the
interest rate outlook.
Oil prices up – Oil prices edged higher on Tuesday, supported by supply cuts
by the world’s biggest oil exporters and continued hopes for higher demand in
the developing world in the second half of 2023.
Brent crude futures were up 29 cents, or 0.37%,
to $77.98 a barrel, and US West Texas Intermediate crude was up 34 cents, or
0.47%, at $73.33.
Rupee gains –The Indian rupee rose for a second straight session against
the US dollar on Tuesday, mirroring similar moves in Asian peers, as risk
appetite in the region rose on fresh bets of the Federal Reserve nearing the
end of its rate tightening cycle.
The rupee ended at 82.3650 against the dollar
compared with 82.5650 in the previous session. The currency gained 0.25% on the
day, adding to Monday’s 0.2% rise.
Nifty futures opened at 19452.20 points against the previous close
of 19409.55 and opened at a low of 19436.25 points. Nifty Future closed with an
average movement of 126.25 points and a rise of around 91.30 points and 19500.85
points…!!
On the
NSE, the midcap 100 index will rise 0.88% and small cap100 index is closing rise
1.26%.
At the
start of intra-day trading August gold opened at Rs.58661 fell from a high of
Rs.58909 points to a low of Rs.58600 with a rise of 130 points, a trend of
around Rs.58819 and September Silver opened at Rs.71464, fell from a high of Rs.71827
points to a low of Rs.71275 with a decline of 64 points, a trend of around Rs.71301.
Meanwhile, The market now awaits the Q1 results, IT
sector, which kicks off tomorrow, where expectations are muted with a focus on
the sustenance of margin and improvement in long-term guidance. The positivity
also stems from China’s anticipated stimulus to withstand economic growth and
hope on the moderation in US inflation data.
Technically, the
important key resistances are placed in july Nifty future are at 19500 levels,
which could offer for the market on the higher side. Sustainability above this
zone would signal opens the door for a directional up move with immediate resistances
seen at 19547 – 19606 levels. Immediate support is placed at 19404 – 19373 levels.
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